And $110 happens to be the average price for 2012 so far, as seen below. But Iran is now exporting roughly half what it used to export. So the black line shows how Iran’s income would be cut in half if its exports continue at half the norm. And it just so happens that means Iran’s oil income would then be higher than in any yearbefore 
2005—which, not incidentally, is the year Mahmud Ahmadi-nejad bcame president and started spending like mad.
